Important Ripple v SEC Lawsuit Update, Bitcoin (BTC) Price Resurgence, and More: Bits Recap March 21
TL;DR
- Bitcoin (BTC) hit a new high of over $73,500, then fell below $61,000, but has partially recovered to around $66,500, possibly influenced by the Fed’s interest rate decision and the upcoming halving event.
- Ripple’s XRP received exchange support amid an SEC lawsuit, highlighting its regulatory challenges and market resilience.
- Solana-based meme coins like Slerf and Book of Meme saw significant price fluctuations, reflecting the speculative and volatile nature of the crypto market.
BTC Rallying Again
Last week, the price of the primary cryptocurrency spiked to an all-time high of over $73,500. However, it could not keep the momentum, dropping below the $61 mark on March 20 amid a broader market correction.
The trends look much more positive today (March 21), with most digital assets being well in the green while the global market capitalization jumped above $2.6 trillion. BTC briefly rallied to $68,000 before slightly retracing to its current level of approximately $66,500 (per CoinGecko’s data).
The asset’s resurgence occurred shortly after the Federal Reserve decided to keep interest rates unchanged. The benchmark remains set at 5.25%-5.50%, with the Fed saying it ‘will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Another factor that can positively impact BTC’s valuation in the near future is the upcoming halving (scheduled for April). The event, which takes place roughly every four years, reduces the rate at which new coins are mined and has been a precursor of a major bull run in the past.
Those willing to explore additional indicator hinting that BTC is on the verge of another substantial rally, feel free to watch our latest video below:
Ripple Developments
The main news surrounding the company is connected to the lawsuit against the US Securities and Exchange Commission (SEC). As CryptoPotato reported, the parties filed a joint letter seeking the magistrates’ approval “to govern sealing issues relating to the upcoming remedies-related briefing.”
While the trial is scheduled for April 23, its outcome could be delayed since both entities might appeal any unfavorable rulings.
Ripple’s native token—XRP—also made the headlines in the past few days. It received support from leading cryptocurrency exchanges, such as BitMEX and Atlantis Exchange, which allowed trading services with it.
Solana Memes in the Spotlight
The crypto market has experienced a severe decline lately, but this was not the case for some Solana-based meme coins, which witnessed significant price increases.
The newly-emerged Slerf (SLERF) and Book of Meme (BOME) are two evident examples. The former recorded a 70% daily ascent on March 19, with its value nearing the $1.30 mark. However, it was also involved in a suspicious activity earlier this week when the developer behind it accidentally burnt $10 million worth of funds raised from investors during the presale. Currently, its price is hovering at $0.80.
BOME made the headlines on March 16 when its market capitalization soared to almost $1.5 billion, briefly placing it among the top 100 biggest cryptocurrencies. It made another attempt to enter the club yesterday (March 20) when its price spiked by 30% but could not achieve the goal. As of the moment, BOME is the 153rd largest digital asset.
The post Important Ripple v SEC Lawsuit Update, Bitcoin (BTC) Price Resurgence, and More: Bits Recap March 21 appeared first on CryptoPotato.
